Emergency Award Enforceable In Indian Law: Amazon gets SC Ruling In Favour restraining FRL-Reliance Retail deal
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6th Aug 2021, Mumbai:
The Supreme Court on 6th,Aug.'21 ruled in favour of e-tailer global biggie 'Amazon India' in the ongoing battle FRL-Reliance Retail proposed Rs.24,713/ crore merger deal.
The top court held that that Emergency Award passed by Singapore arbitrator stalling FRL-Reliance deal is enforceable in Indian law.
Rohinton F. Nariman and B.R. Gavai judges bench upheld the validity and enforceability of a Singapore-based Emergency Arbitrator (EA) award, which stalled Future Retail Limited from proceeding with ongoing deal with Reliance Retail, under the Indian regulation. The court has made it clear that the EA’s decision has approved in some sense acceptance/ enforceability as an interim award by an arbitral tribunal under Section 17 of the Arbitration & Conciliation Act.
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Future Group has all through unequivocally maintained that they will continue to take steps to complete the transaction and will stay put.
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